Statutory Instrument 1988 No. 867

The Social Security Revaluation of Earnings Factors Order 1988

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© Crown Copyright 1988

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1988 No. 867

SOCIAL SECURITY

The Social Security Revaluation of Earnings Factors Order 1988

The Secretary of State for Social Services, in exercise of the powers conferred upon him by section 21 of the Social Security Pensions Act 1975^[1] and of all other powers enabling him in that behalf, having on a review under the said section 21 concluded, having had regard to earlier Orders under that section^[2] , that earnings factors^[3] for the relevant previous tax years have not, during the period taken into account for that review, maintained their value in relation to the general level of earnings obtaining in Great Britain, hereby makes the following Order:

Citation and commencement
    1.    This Order may be cited as the Social Security Revaluation of Earnings Factors Order 1988 and shall come into force on 8th June 1988.

Revaluation of earnings factors
    2.    The earnings factors relevant—
 (a) to the calculation—
 (i) of the additional pension^[4] in the rate of any long-term benefit; or
 (ii) of any guaranteed minimum pension; or
 (b) to any other calculation required under Part III of the Social Security Pensions Act 1975 (including that Part as modified by or under any other enactment),

are directed to be increased for the tax years specified in the Schedule hereto by the percentage of their amount shown opposite the said tax years in the said Schedule.

Rounding of fractional amounts
    3.    Where any earnings factor relevant to the calculation specified in article 2(a)(i) of this Order, as increased in accordance with this Order, would not but for this article be expressed as a whole number of pounds, it shall be so expressed by the rounding down of any fraction of a pound less than one half and the rounding up of any other fraction of a pound.

Signed by authority of the Secretary of State for Social Services.

Michael Portillo

Parliamentary-Under Secretary of State, Department of Health and Social Security

11th May 1988

[1] 1975 c. 60; section 21 was amended by the Social Security Act 1979 (c. 18), section 10, the Social Security Act 1980 (c. 30), section 3(3) and Schedule 5, and the Social Security Act 1985 (c. 53), section 4 and Schedule 3, paragraphs 1 and 7. back

[2] S.I. 1979/832, 1980/728, 1981/598, 1982/607, 1983/655, 1984/581, 1985/688, 1986/809, 1987/861. back

[3] See section 13(5) and section 13(5ZA) of the Social Security Act 1975 (c. 14). Section 13(5) was amended by, and section 13(5ZA) inserted by, the Social Security Act 1988 (c. 7), section 9 and Schedule 2, paragraph 1. back

[4] See section 18(1) of the Social Security Act 1986 (c. 50). back

Explanatory Note